Common use of Successor Pledge Custodian Clause in Contracts

Successor Pledge Custodian. (a) If Xxxxxxx Mac no longer acts as Pledge Custodian, if required by the successor pledge custodian or Xxxxxxx Mac, the Sponsor and the successor pledge custodian shall execute a new pledge, security and custody agreement that contains substantially the same terms as Article VIII of this Agreement and which is in form and substance satisfactory to Xxxxxxx Mac. The Pledge Custodian acting under this Agreement may at any time resign by an instrument in writing addressed and delivered to the Sponsor and, if applicable, Xxxxxxx Mac (provided, however, that, if the Pledge Custodian (if other than Xxxxxxx Mac) is Administrator under the Series Certificate Agreement, the Pledge Custodian must have resigned as Administrator under the Series Certificate Agreement), and may be removed at any time with or without cause by an instrument in writing duly executed by or on behalf of Xxxxxxx Mac.

Successor Pledge Custodian. (a) If Xxxxxxx Fxxxxxx Mac no longer acts as Pledge Custodian, if required by the successor pledge custodian or Xxxxxxx Fxxxxxx Mac, the Sponsor and the successor pledge custodian shall execute a new pledge, security and custody agreement that contains substantially the same terms as Article VIII of this Agreement and which is in form and substance satisfactory to Xxxxxxx Fxxxxxx Mac. The Pledge Custodian acting under this Agreement may at any time resign by an instrument in writing addressed and delivered to the Sponsor and, if applicable, Xxxxxxx Fxxxxxx Mac (provided, however, that, if the Pledge Custodian (if other than Xxxxxxx Fxxxxxx Mac) is Administrator under the Series Certificate Agreement, the Pledge Custodian must have resigned as Administrator under the Series Certificate Agreement), and may be removed at any time with or without cause by an instrument in writing duly executed by or on behalf of Xxxxxxx Fxxxxxx Mac.